XAUUSD seems to be forming the final part of a bullish 5-wave impulse consisting of primary waves ①-②-③-④ and ⑤.

With the corrective wave ④ identified as a complete double zigzag, we could expect primary wave ⑤ to complete the long-tern pattern. The wave would consist of 5 bullish intermediate waves.

A closer look at the 1H chart suggests that markets could have already completed the intermediate waves (1) and (2), where wave (1) is a 5-wave impulse and wave (2) is a bearish corrective zigzag.

In the short-term, we could see the pair appreciate to form waves (3), (4) and (5), which has a target near 1566.

The projection takes into account that the wave ⑤ is unlikely to be truncated. That being said, the bullish trend could end above the higher high formed by primary wave③.